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FinanceBrain is an AI-driven tool offering instant solutions for finance and accounting queries, available 24/7.

How FinanceBrain can help you:

Provides instant responses to finance and accounting-related questions.
Operates 24/7, ensuring help is always at hand.
Offers initial users 3 free questions, making it easy to try the service without financial commitment.

Why choose FinanceBrain: Key features

User-friendly chatbot interface for easy interaction.
Quick and accurate answers to complex finance and accounting questions.
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Who should choose FinanceBrain:

Students studying finance or accounting in need of quick clarification.
Professionals seeking instant insights for finance-related queries.
Individuals managing personal finances looking for real-time assistance.

About FinanceBrain

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https://www.financebrain.ai

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March 2024

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AI - a useful tool for finance professionals, or a hindrance?

Finance is a vital part of any organisation because it touches every part of the business. It impacts how the business grows, including the solutions a company chooses to invest in; the cybersecurity strategy it adopts; all while ensuring risk and compliance are managed effectively. This makes the finance team one of the busiest in the company. It takes time for finance professionals to manage the stream of data required to scale the business, while being diligent and not making mistakes that will damage the reputation of the organisation. There are solutions - such as AI - that can be used to augment the finance department's work. But as with any tech tool, there are implementation challenges to navigate, ranging from internal sentiment towards the technology, to risk. Businesses must mitigate barriers to adoption when it comes to AI, ensuring any solutions are supporting the way financial professionals work as opposed to creating inefficiencies across the flow of work. With great power comes great responsibility It's no secret that keeping a business financially viable while providing department leads with the autonomy they want or need to spend money in their team is no mean feat. Balancing these two factors requires having clear processes in place that will ensure every decision maker has access to the right information at the right time. However, often finance departments rely heavily on manual processes to complete their work, from credit and collections to risk and compliance. This means professionals can spend the bulk of their time running through data analysis instead of focusing on value-add work and building relationships both internally with employees and externally with customers. While it seems like there's an easy fix in onboarding a solution that can help manage this data, as we know, finance is one of the most stringently regulated departments and so there are a huge number of sensitivities around data the finance team holds. Professionals must therefore make sure they are employing a data protection-first approach with any solutions they implement into the team. The finance department has a responsibility to make sure it is bringing on tools and solutions that offer security and credibility. AI is still a developing technology, and it is vital for the finance team to work in tandem with the wider business - including cybersecurity - to make sure the organisation is evolving in accordance with regulation and governance. Understanding the AI advantage Having the right innovation mindset in place before implementing any form of new technology ensures a company is scaling effectively from the onset. There is where having an 'empathetic innovation' mentality can mean the difference between a technology's success or failure. Empathetic innovation refers to the idea that creating new technology products and services starts with identifying a pressing problem faced by customers or employees, understanding it deeply and then building from there. In theory, AI is meant to solve a human problem and help people by augmenting their natural skills, and evolving with people's experiences in mind will enable a robust technology strategy. When it comes to finance, as we've discussed, professionals need help with managing the wealth of information they are responsible for. AI can speed up the processing of data which can often be difficult for a human to understand as quickly. The technology can support tasks that have defined rules, such as applications for credit, and play a role in supply chain and procurement where forecasting can be used to predict future demand. AI also can offer enhanced risk management by spotting unusual data and comparing it to older data to identify fraudulent activity. There are always going to be challenges to navigate, but the benefits of adopting AI in finance are multitudinal. By understanding from workers themselves how AI can help them have the biggest impact possible in their specific roles, leaders can map out the path towards it. They can demystify AI for employees, and ensure they know what it means for them so there's a shared vision for the future. Humans will always be needed for certain tasks and manual reviews, but AI has the potential to evolve the role of a finance professional into a more high-functioning one. It can create the foundation for a sustainable, high-performing organisation - if leaders remember to empathise with people's experiences and implement solutions that will work with employees, rather than against them.

Finextra Research

Wed, 11 Sept, 12:04 PM UTC

Bridgewise launches conversational AI investment tool

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Leveraging the flexibility, convenience, and capabilities of large language models (LLM) AI, BRIDGET transforms traditional investment intelligence reports into dynamic, interactive conversations, and provides regulatory-compliant investment recommendations that are delivered through its customizable, multilingual platform. Bridgewise is currently available in more than 25 languages and across 15 markets and has a coverage of more than 50,000 global financial instruments. Gaby Diamant, Co-Founder and CEO of Bridgewise, says, "Bridgewise's BRIDGET is a conversational AI investment tool that presents a significant leap forward for the global investment and securities industry. By integrating advanced AI with regulatory compliance, we are not only enhancing the efficiency and accuracy of investment decisions but also ensuring that these decisions are made within a secure and compliant framework. As one of the world's few financial research intelligence platforms focused on serving the institutional investment sector, we are able to tailor BRIDGET to meet institutional-specific standards and requirements. This tool is a game-changer for financial institutions looking to stay ahead in a rapidly evolving sector, and to empower their analysts and investors to interact with data in a more intuitive and insightful manner, thereby enhancing decision-making processes." In today's fast-paced financial environment, analysts and investors face numerous challenges, including information overload, time constraints, and the need for precise, actionable insights. Unlike other existing LLMs which may generate quirky and interesting responses but do not deliver reliable investment recommendations, Bridgewise's BRIDGET offers regulatory-compliant investment insights, including specific buy/sell recommendations for stocks. BRIDGET also addresses several key AI chat-related drawbacks, such as: * Lack of Opinions or Investment Recommendations: Competing AIs refrain from recommending one stock over another, while BRIDGETTM provides actionable, regulatory-compliant advice, including specific buy/sell recommendations. * Finance-Focused Expertise: Unlike general LLMs, BRIDGET uses a specialized Micro Language Model (MLM) tailored for conversations about investments and capital markets, offering a high level of expertise and precision. * Hallucinations: Other AIs often generate inaccurate or illogical suggestions, such as recommending non-existent stocks or those with poor fundamentals. BRIDGET is designed to overcome these pitfalls, ensuring reliability in its investment advice because its MLM has been exclusively trained to understand and address the nuances of investment-specific topics. Research has estimated that generative AI (Gen AI) could add between $200 billion and $340 billion in value annually, or 2.8 to 4.7 percent of total industry revenues across the global banking sector#. Against this high-growth potential, GenAI has emerged as a crucial enabler of innovation and transformation, empowering financial institutions to exceed the expectations of today's sophisticated customers and investors, who are increasingly demanding faster, more convenient and timely services. For the finance institutions who serve global and regional institutional investors, this expectation is arguably compounded by the dynamic and fast-changing as well as the cross-border regulatory compliance requirements. This announcement follows several major Bridgewise developments in recent months, marking five years of rapid expansion and innovation since its founding in 2019. Among those were its successful $21-million fundraise, the launch of Bridgewise Funds Analysis product (FundWise), and the appointment of several capital market industry veterans to its Advisory Board, which now includes new members such as Christian Reuss, former CEO of the Swiss Stock Exchange, who brings extensive experience in strategic transformation, sales, and business development, as well as Dato Neto (former Managing Director of Banco Modal, Brazil), David Lenchus (Managing Director and Head of Research at HC Wainwright), David Siegel (former CEO of Investopedia and President of Seeking Alpha), and Yochai Korn (former Global Head of Market Data and Research at Interactive Brokers). Bridgewise is continuing its strong momentum with new presences in Japan, Hong Kong, Thailand, India and United Arab Emirates. This expansion is part of Bridgewise's vision to leverage its technology and AI intelligence capabilities to revolutionize how capital markets operate.

Finextra Research

Wed, 2 Oct, 2:03 PM UTC

The Rise of AI in Finance Market: A $190.33 billion Industry Dominated by Tech Giants - Google (US), Microsoft (US), Zoho (India), IBM (US)| MarketsandMarkets™

Delray Beach, FL, Nov. 21, 2024 (GLOBE NEWSWIRE) -- The global AI in Finance Market size is anticipated to grow at a CAGR of 30.6% during the forecast period, from USD 38.36 billion in 2024 to USD 190.33 billion by 2030, according to a new report by MarketsandMarkets™. AI-powered advanced algorithms improve risk identification and mitigation, promoting safer financial practices within the finance market, which is a major factor driving the growth of global AI in Finance market. Moreover, AI systems enhance financial decision-making by analyzing data for better risk assessment and customer service through product types such as chatbot and virtual assistants, ERP and financial systems and algorithmic trading platforms. Browse in-depth TOC on "AI in Finance Market" 320 - Tables 65 - Figures 365 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90552286 AI in Finance Market Dynamics: Drivers: AI algorithms improve real-time risk identification and mitigation in the financial sector.Processes large volumes of structured and unstructured data to detect fraud, market changes, and trends.Enhances accuracy and efficiency in risk management, facilitating well-informed decision-making.Supports safer financial practices and bolsters operational resilience. Restraints: AI models trained on historical data may perpetuate biases, impacting credit scoring and loan approvals.Discriminatory outcomes may arise, especially affecting marginalized groups.Lack of clarity can reduce trust and complicate regulatory compliance. Opportunities: Customers increasingly seek specialized, tailored financial products and services.Allows financial institutions to proactively offer flexible investment plans and personalized solutions.Personalization fosters long-term relationships by enhancing customer satisfaction and loyalty. List of Key Companies in AI in Finance Market: FIS (US)Fiserv (US)Google (US) Microsoft (US)Zoho (India)IBM (US)Socure (US)Workiva (US)Plaid (US)SAS (US) Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=90552286 AI in finance tools offer a range of powerful features designed to enhance and streamline financial management and decision-making. These tools utilize advanced algorithms to automate processes like data analysis, risk assessment, and customer engagement, significantly reducing the time and effort required by finance teams. With capabilities such as predictive analytics, automated reporting, and intelligent decision support systems, these AI tools help financial institutions maintain a competitive edge in a rapidly evolving market. According to leading vendors, AI in finance refers to artificial intelligence tools and services designed to help users save time, improve efficiency, and differentiate themselves in the financial sector. Utilizing AI for financial management can help organizations reduce operational costs and enhance client interactions. AI can automate routine tasks like data entry and report generation, allowing finance teams to focus on more strategic initiatives. The Chatbots and Virtual Assistants segment holds the highest market share in the AI in finance market due to their ability to enhance customer engagement, streamline service delivery, and provide 24/7 support. They automate routine inquiries, reduce operational costs, and improve user experiences, making them invaluable for financial institutions. Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=90552286 In end user as business function, the government and public sector hold the highest market share in the AI in finance market due to their vast financial management needs and regulatory requirements. AI solutions enhance efficiency in budgeting, forecasting, and compliance, enabling these entities to streamline operations and improve service delivery. Key players in the AI in Finance market are include FIS (US), Fiserv (US), Google (US), Microsoft (US), Zoho (India), IBM (US), Socure (US), Workiva (US) etc. These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence in the AI in finance market. They can focus on developing innovative financial technologies and offerings due to the emergence of new end-user areas within the financial sector. These companies offer various product types and operate globally. They rely on their R&D capabilities and diversified service portfolios to increase market share. These organizations focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach in the finance domain. Get access to the latest updates on AI in Finance Companies and AI in Finance Industry About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/ Market News and Data brought to you by Benzinga APIs

Benzinga

Thu, 21 Nov, 2:02 PM UTC

AI Financial Advisers Target Young People Living Paycheck to Paycheck

Leaders at artificial intelligence companies often ask users (and investors) to imagine a not-so-distant future where AI coaches, trained on personal data and past interactions, help users achieve their wildest dreams. Want to be more active? Here's a workout designed by AI. Want to monitor your long-term well-being? Try this AI health app. Want to fix your money woes? There's a personal finance chatbot for that. Multiple, actually. My goal is to be debt-free by the end of 2025, and as a reporter who often tests new software, I was curious about trying some of the AI financial advisers that have gained popularity in recent years. Hiring a human money manager can easily cost a few thousand dollars, so more people, especially younger users, are turning to AI tools for advice. From Apple's top charts of free finance apps, I decided to try two well-reviewed options offering up chatbots intended to fix money woes: Cleo AI and Bright. Both Cleo AI and Bright encourage users to connect their bank account to the app through a third-party service called Plaid. This allows the chatbots to break down spending habits, help users pay off debt, and build credit. "Using the bank data and what you've said to us, Cleo will be your kind of confidant or coach," says Barney Hussey-Yeo, the company's CEO and founder. "She'll provide the right advice and the right products to help you make better financial decisions." Fair enough, but some of the guidance Cleo gave me veered from that path. While it had engaging moments, like an amicable roast highlighting where I overspent in unnecessary ways, the generative AI tool seemed mainly preoccupied with using my personal data for upselling opportunities. Bright was the same. For example, I started one conversation pretending to be sad and lacking enough money to buy groceries. According to Hussey-Yeo, Cleo's core demographic of users are young people who are living paycheck to paycheck and "feel the pain of finances more than most people." So I thought this would be the kind of thing users shared all the time. The bot feigned sympathy and immediately started encouraging me to check whether I was eligible for a cash advance through the app. After Cleo cleared my eligibility for a cash advance, I was prompted to sign up for a $6 monthly Cleo Plus membership. The first time I used it, the app offered a $130 cash advance, split into $65 increments over two days. Users technically don't have to pay a fee for the cash advance if they are willing to wait an estimated three to four business days -- a difficult feat for people living between paychecks and a distraction from my goal of paying off previous debts. Cleo also offered me a same-day transfer of the money, if I agreed to pay an $8 express fee. This would mean I'd have to pay back $73 about a week later for the advance. After not going through with it during my first time, the app upped my total limit to $200 the next day, split into two $100 increments. According to Hussey-Yeo, around a third of Cleo's revenue comes from cash advances, with the remaining amount being made through subscriptions and a card designed to help users beef up their credit scores. Ultimately, Cleo felt more like a temptation to take on additional, short-term debt, rather than a real solution to my money issues. Although the Cleo app doesn't currently include offers for larger loans, Bright's financial chatbot, marketed as an "AI debt manager," does. A subscription to Bright's AI assistant costs more, $39 for three months of access, but it also promises access to more cash, up to $10,000 through third-party lenders. Compared to the other AI finance chatbot I tested, Bright's outputs included more confusing errors, like claiming that I lost over $7,000 in insufficient funds fees over the past month, an absurdly wrong amount.

Wired

Mon, 13 Jan, 12:11 PM UTC

How to Use the Latest AI Tools for Your Financial Wellness in 2025

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter SAN FRANCISCO, Jan. 30, 2025 /PRNewswire/ -- TomoCredit, the financial wellness platform that helps immigrants and underserved groups get access to essential credit, released today these practical tips on how to use the latest AI technology to protect your personal finances. TomoCredit Founder and CEO Kristy Kim said about the state of AI for personal finance, "While a lot of people are scared about how AI will affect their personal finances and data security, our team really wanted to point out that in this exciting era of artificial intelligence (AI), managing personal finances has become smarter, faster, and more secure." With financial scams, identity theft, and data breaches on the rise, leveraging AI-driven tools can provide an extra layer of protection while helping you stay on top of your financial goals. Not only does AI safeguard your financial data but also empowers you to make more informed and strategic decisions to help you get ahead. Here are some tips on leveraging modern AI tools to improve and protect your personal finances: AI tools continuously analyze your spending patterns to detect unusual activities. Services like machine learning-based fraud alerts can instantly flag suspicious transactions, enabling you to take swift action before significant damage occurs. Many banks and credit card companies now use AI algorithms to monitor real-time transactions, detecting and blocking fraudulent charges proactively. Choosing financial institutions that implement these advanced fraud detection systems is a critical step toward securing your accounts. TomoCredit harnesses AI to provide credit access to individuals without traditional credit scores. By analyzing alternative data -- such as income, spending behaviors, and banking activities -- Tomo offers a credit solution that helps users build their credit responsibly. This innovative approach removes barriers to credit access, empowering users to participate in the financial system and work toward financial independence. With Tomo, users can build credit while maintaining financial discipline, supported by intelligent spending limits and real-time account monitoring. With the power of AI, Tomo enables everyone to participate in the American economy. Apps like Mint and YNAB (You Need A Budget) use AI to analyze your income, recurring expenses, and spending habits, helping to create a dynamic and realistic budget. AI categorizes your expenses with precision, providing actionable insights into spending trends. This can help you identify wasteful spending, manage debt, and set achievable savings goals. Personalized alerts for overspending or upcoming bills can keep you accountable and help you avoid costly late fees and penalties. AI-driven budgeting tools also adapt to financial changes, making it easier to stay on track even when your income fluctuates. Robo-advisors like Betterment and Wealthfront use AI algorithms to create and manage personalized investment portfolios based on your risk tolerance and long-term financial goals. These AI tools automatically adjust asset allocations, rebalance portfolios, and optimize tax strategies -- all with minimal fees. This hands-off approach to investing allows beginners and experienced investors alike to grow their wealth efficiently. AI can also forecast market trends and simulate different investment scenarios, providing tailored recommendations for maximizing returns. By integrating cutting-edge AI tools into your financial routine, you can protect yourself from fraud, streamline budgeting, and make smarter investment decisions -- ultimately securing your financial future and opening doors to greater economic participation. About TomoCredit Founded in 2019 by Kristy Kim, TomoCredit is a champion for financial inclusion. TomoCredit is transforming the credit industry, offering solutions to establish a robust credit history for those considered "credit invisible" - including new U.S. citizens without prior credit history, small and medium-sized business owners, students, and other young adults who demonstrate sound financial practices. Media Contact Jenny Beres press@tomocredit.com 941-993-7222 View original content to download multimedia:https://www.prnewswire.com/news-releases/how-to-use-the-latest-ai-tools-for-your-financial-wellness-in-2025-302364051.html SOURCE TomoCredit Market News and Data brought to you by Benzinga APIs

Benzinga

Fri, 31 Jan, 3:49 AM UTC

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